By selecting "Continue," you will leave U.S. Bank and enter a third party Web site. U.S. Bank is not responsible for the content of, or products and services provided by FINRA, nor does it guarantee the system availability or accuracy of information contained in the site. This Web site is not controlled by U.S. Bank. Please note that the third party site may have privacy and information security policies that differ from those of U.S. Bank.

Tortilla maker plans to expand

Share Article:

U.S. Bank customer La Morenita Tortilleria wins SBA award as family-owned business of the year.

You could say they were pressed for space.

Due to demand in the Pacific Northwest for their fresh tortillas, Miguel Diaz Jr. and his family bought a small site near their tortilla factory in Woodburn, Oregon that can be used as a warehouse and eventually as a place to expand manufacturing.

Things have been going well for the small business which was founded by Miguel's father, Miguel Diaz Sr. in 1994, 15 years after the family had immigrated to the United States from Mexico.

Forty-nine percent of Oregon business owners plan to invest in capital expenditures in 2017, according to U.S. Bank's eighth annual Small Business Survey, which solicits feedback from small businesses in U.S. Bank's market to better understand their current challenges. That compares to 40 percent of respondents across the 25-state footprint of U.S. Bank who said they plan to expand.

La Morenita Tortilleria distributes tortillas from Eugene, Oregon to Vancouver, Washington. The U.S. Small Business Administration's Portland District Office recently honored La Morenita Tortilleria as the 2017 Family-Owned Business of the Year, based on the company's "steady growth trajectory."

In 2016, La Morenita bought three small lots in the rural Portland area where it plans to eventually build a larger warehouse. It refinanced its two buildings that are about 9,000 square feet total. To facilitate the expansion and refinancing deals, U.S. Bank provided La Morenita with two loans that were backed by the SBA.

U.S. Bank completed 260 loans worth $61.2 million in fiscal 2016 in Oregon, ranking it number 1 out of more than 80 SBA lenders in the state, according to the Portland District SBA office.

Trust is the cornerstone of U.S. Bank's relationships with small business owners in Oregon. Miguel Jr. said he has a strong relationship with Joseph Cowles, a U.S. Bank SBA business development officer, who worked on the real estate loans and said that’s what helped cement the new investments.

The relationship flourished, in part because both men speak Spanish, Cowles said.

"The language has been a big key. We connected right away," Cowles said. "I speak Spanish with customers whenever I can. It helps build trust."

Transparency and ethical behavior are two of the top three most important qualities small business customers like La Morenita Tortilleria are looking from their business banker, according to the Small Business Survey.

Cowles, who said he gained an appreciation for Latin culture through his personal travels, said he grabs lunch at La Morenita’s whenever he drives through Woodburn.

The visits help him become closer with members of the family too, including Miguel's brothers Gilberto and Guillermo. Their father, Miguel Sr., founded the company in the same name and image of one he owned in Mexico before moving to the United States. Half of the 20-employees at the company are members of the family.

Miguel Jr. is optimistic that his company, and its brand, will continue to benefit from being a local-supplier within the strong Pacific Northwest economy.

"All of our customers are stable and business is pretty good," he said.

Sam Black is a member of U.S. Bank’s public affairs and communications team.

Get to know us

Related topics

Investment and Insurance products and services including annuities are:Not a Deposit ● Not FDIC Insured ● May Lose Value ● Not Bank Guaranteed ● Not Insured by any Federal Government Agency

U.S. Wealth Management – U.S. Bank and U.S. Bancorp Investments is the marketing logo for U.S. Bank and its affiliate U.S. Bancorp Investments.

The information provided represents the opinion of U.S. Bank and U.S. Bancorp Investments and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific investment advice and should not be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.

U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

Mutual fund investing involves risk and principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt and high-yield securities and funds that focus their investments in a particular industry. Please refer to the fund prospectus for additional details pertaining to these risks.

For U.S. Bank:

Equal Housing Lender

Deposit products are offered by U.S. Bank National Association. Member FDIC. Mortgage, Home Equity and credit products offered by U.S. Bank National Association. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments.

For U.S. Bancorp Investments:

Investment products and services are available through U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

Insurance products are available through various affiliated non-bank insurance agencies, which are U.S. Bancorp subsidiaries. Products may not be available in all states. CA Insurance License # OE24641.

The Financial Industry Regulatory Authority (FINRA) Rule 2267 provides for BrokerCheck to allow investors to learn about the professional background, business practices, and conduct of FINRA member firms or their brokers. To request such information, contact FINRA toll-free at 1.800.289.9999 or via http://brokercheck.finra.org. An investor brochure describing BrokerCheck is also available through FINRA.

Pursuant to the Securities Exchange Act of 1934, U.S. Bancorp Investments must provide clients with certain financial information. The U.S. Bancorp Investments Statement of Financial Condition is available for you to review, print and download.